Why use a Small Business Accountant?

Small Business Accountants Help Organizations Achieve Success: We can help yours too!

Did you know that mosshutterstock_109146956 (1)t small businesses utilize outside accounting services for their companies? A recent survey found that 71 percent of small businesses are currently using the services of an outside accountant and 66 percent began using them during the start-up phase or within six months of establishing the organization.

Larger companies often have a staff of in-house accountants; however, this is an expense that most small businesses cannot afford. Of course the owner of the business can’t afford to spend all of his or her time on accounting either. In order to achieve success, someone has got to manage the books in addition to handling taxes and ensuring the financial records are well kept.

This is the reason so many small businesses call upon the services of an outside accountant. How can small business accountants help you?

  • Bookkeeping basics. Accurate financial records are a must. Every financial event related to your business should be tracked. Without that, it’s almost impossible to make sound budget or growth strategy decisions. Improper bookkeeping can also cause a major financial crisis and even bankruptcy.
  • Taxes. Being aware of the ever-changing tax laws is almost a full time job, but small business accountants keep up to date with all of the rules and regulations and have the appropriate tax knowledge that can save you thousands of dollars over time. They can also save you plenty of stress and headaches by warding off tax troubles. You won’t have to worry about making errors on your tax forms or missing out on important deductions when filing taxes either.
  • Valuable advice on long term business strategies. Small business accountants can act as an advisor and assist in appraising viability of future projects as well as financial forecasts. This expertise can be instrumental in the growth of your company.
  • Saving time. It may be a cliché, but it’s true. In business, time is money. By utilizing outside accountants, you can breathe easy knowing that an expert is managing the finances, allowing you to focus on what you do best.

Keeping up with tax laws

A good small business accountant should also be a certified tax expert and have the most up to date knowledge of all of the ever changing federal tax laws as well as specific tax state laws. While many individuals are aware of the basics, in order to keep up with all of the rules and regulations, it’s a full time job.  It is the job of a professional accountant to know the ins and outs of tax laws, and they frequently attend continuing education courses and conferences to make sure they are aware of changes to tax policy that may affect their clients. This helps the client to avoid penalties and fines and maximize refunds.

Financial advice all year long

Find an accountant now to receive valuable advice that can help all year long, including implementing a tax planning strategy that will allow you to keep more of your hard earned money. If you have a professional tax expert on your side, you’ll also have a knowledgeable person to turn to who is familiar with you situation should you run into any tax issues or help dealing with the IRS.

While many people believe theyshutterstock_108889613 can handle their own taxes through do-it-yourself tax programs, the reality is, that software is not foolproof and it may not find every deduction that you may be eligible for. A professional will ask you all of the important questions to determine deductions you may have missed, and provide advice that will help you make better financial decisions all year long. Our staff here at MJ Mortensen Associates can help solve all your accounting problems and also keep you out of tax misery!

Contact Us for a FREE Consultation!